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05-09-2006, 04:35 AM
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#1
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Full time employment: Posting here.
Join Date: Jan 2004
Posts: 851
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Keough to IRA rollover
Hi guys.
I am thinking now that I've been retired a bit, my self-employed Keough (money purchase/profit sharing) plan should be rolled over to an IRA.
My plan is to keep it at the same financial institution.
My question is, are there any IRS forms that need to be filled out or filed? Or just the rollover forms themselves?
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Re: Keough to IRA rollover
05-09-2006, 03:46 PM
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#2
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: Keough to IRA rollover
I believe that you report the rollover on form 1040, line 15 or 16, depending on the nature of the plan you are rolling over into the IRA. See this IRS publication: http://www.irs.gov/publications/p590/index.html
and the instructions for form 1040, http://www.irs.gov/pub/irs-pdf/i1040.pdf
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No more lawyer stuff, no more political stuff, so no more CYA
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Re: Keough to IRA rollover
05-09-2006, 05:11 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Re: Keough to IRA rollover
Quote:
Originally Posted by OldMcDonald
Hi guys.
I am thinking now that I've been retired a bit, my self-employed Keough (money purchase/profit sharing) plan should be rolled over to an IRA.
My plan is to keep it at the same financial institution.
My question is, are there any IRS forms that need to be filled out or filed? Or just the rollover forms themselves?
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Could you explain the advantages of rolling it over? Can't it just contiinue on, without any news funds added? I hope so, 'cause that is what I have been doing.
Ha
Ha
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Re: Keough to IRA rollover
05-09-2006, 05:23 PM
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#4
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Full time employment: Posting here.
Join Date: Apr 2006
Posts: 528
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Re: Keough to IRA rollover
I can see one advantage in rolling over is that you won't have to file form 550 any more. Do you still have to file if you are not adding money in?
Other than simplifying your finances by cmobining retirement plans.
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Re: Keough to IRA rollover
05-09-2006, 05:29 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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Re: Keough to IRA rollover
Quote:
Originally Posted by perinova
Do you still have to file if you are not adding money in?
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Yes, you do. I have been told that Keo, like 401K, is more out of harms way than an IRA judgment-wise.
Ha
__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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Re: Keough to IRA rollover
05-10-2006, 07:31 AM
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#6
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Re: Keough to IRA rollover
Quote:
Originally Posted by HaHa
Yes, you do. I have been told that Keo, like 401K, is more out of harms way than an IRA judgment-wise.
Ha
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I believe that a Keogh which has participants which includes employees other than a husband/wife business owner is an ERISA qualified plan, thus exempt from creditors in any amount, no matter what state you live in.
A Keogh which only includes the business owner may not be considered an ERISA qualified plan.
Under federal bankruptcy law, non ERISA plans like an IRA are exempt up to a million dollars. If you don't file bankruptcy, then your state law will goven the extent your non-ERISA plan is exempt.
__________________
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No more lawyer stuff, no more political stuff, so no more CYA
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